Comerica Bank trimmed its position in Essendant Inc. (NASDAQ:ESND) by 55.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 39,587 shares of the company’s stock after selling 49,246 shares during the quarter. Comerica Bank owned approximately 0.11% of Essendant worth $388,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of ESND. State of Alaska Department of Revenue grew its stake in Essendant by 77.4% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,344 shares of the company’s stock valued at $108,000 after buying an additional 3,204 shares during the last quarter. Hartford Investment Management Co. acquired a new position in Essendant in the 2nd quarter valued at about $163,000. Smith Asset Management Group LP acquired a new position in Essendant in the 3rd quarter valued at about $154,000. Cubist Systematic Strategies LLC acquired a new position in Essendant in the 2nd quarter valued at about $179,000. Finally, Nisa Investment Advisors LLC grew its stake in Essendant by 5.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 12,900 shares of the company’s stock valued at $191,000 after buying an additional 700 shares during the last quarter. 96.54% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on ESND. ValuEngine lowered shares of Essendant from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Zacks Investment Research upgraded shares of Essendant from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, BidaskClub lowered shares of Essendant from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Essendant presently has an average rating of “Hold” and an average price target of $16.50.
Essendant (NASDAQ:ESND) last announced its earnings results on Wednesday, October 25th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.30). Essendant had a positive return on equity of 3.20% and a negative net margin of 5.26%. The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the company earned $0.57 EPS. The business’s revenue for the quarter was down 7.0% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 15th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 6.24%. Essendant’s payout ratio is presently -7.67%.
Essendant Inc (Essendant) is a wholesale distributor of workplace items. The Company’s product portfolio includes Janitorial, Foodservice and Breakroom Supplies (JanSan), Technology Products, Traditional Office Products, Industrial Supplies, Cut Sheet Paper Products, Automotive Products and Office Furniture.
What are top analysts saying about Essendant Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Essendant Inc. and related companies.